QUESTION: Sir John, I am a Broker. I have authority to sell a private and individually-owned house and lot. I found a buyer and am closing the sale tomorrow. The seller requires that Official Receipt for my commission. My problem is, I have no Official Receipt. What will I do?
ANSWER: You find a Broker who has Official Receipt. You let him close the sale but you pay your partner Broker all expenses that will be a consequence of that Official Receipt such as VAT (or percentage tax) on commissions, Income Tax on commissions, plus give him a little for his participation. There are very few Brokers who have complete paperwork (PRC, DTI Business Name, Mayor's Permit, BIR Official Receipt), isa ako sa mga kompletos rikados.
After that, you start completing your office formation.
Ang importante, lahat magkaroon ng PTR. Ang Principal Place of Business and Official Receipt, pwede meron ang sarili or pwede rin naka-attach as business associate ng isang Realty Firm na kompleto. Kahit anong Realty Firm na complete ang papeles, pwede magkaroon ng Business Associates.
To: REALTER SOCIETY: "... we hope for a lasting cooperation and partnership with you and your organization in so far as tax education and tax compliance is concerned." (BIR)
(1) Members of Realter Society may be given a position of Business Associate in my company.
(2) As Business Associate, they can use my office address as their Official Place of Business.
(3) As authorized users of my business address, they may close contracts in my office, use my Official Receipt, and my accountant will take care of all BIR compliances.
So, instead of the members wasting thousands of pesos of capital outlay and operating expense of setting-up their own office, they can just attach to Realter Society and save the money. That's one of the reasons why Realter Society Membership Fee will increase to $500/year in 2012.
LIMITED lang po ang number ng pwede ko pag-bigyan maging Business Associate.
Ayan gayahin nyo na idea! Okay lang! That's the purpose why I am telling you this!